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Twin brothers and co-founders Oliver and Alexander Kent-Braham are now behind a multi-billion-dollar company alongside David Goaté. As AFROTECH™ previously told you, the siblings founded U.K. -based digital car insurance startup Marshmallow to combat “unfair insurance prices” for migrants. “We now help 100,000s of UK newcomers get a fairer deal on their car insurance every year. We do this by building our own technology, developing pricing and fraud models that let us cater to their unique experiences, and investing time in getting to know them on a deeper level,” a statement on the company’s website reads. View this post on Instagram A post shared by Marshmallow (@getmarshmallow) According to TechCrunch, Marshmallow made history in 2021 as one of two Black-founded startups in the U.K. to reach a $1 billion valuation. As AFROTECH™ previously reported, the company raised $85 million in a Series B funding round with investors that included Passion Capital, Monzo, Investec, and...
Former NBA player Jason Kidd has invested in another soccer team. As AFROTECH™ previously told you, the 10-time NBA All-Star and current head coach of the Dallas Mavericks has continued to pursue his passion for sports well beyond his playing days. As an investor, his portfolio includes two soccer teams based in his hometown of Oakland, CA: Roots SC (men’s) and Soul SC (women’s). “In The Town when you talk about sports, we all had heroes. I’m excited to join the Roots and Soul family,” Kidd said at the time, according to Andscape. “I’ve been seeing videos of all the support they get. I’m just trying to help the family. I especially like that there are both male and female teams. Also, with the teams being in The Bay, I felt like it was a great fit.” Everton Added To Portfolio Now, Kidd has invested in another soccer team, this time joining Roundhouse Capital Holdings, which is part of The Friedkin Group, the ownership group of English Premier League club Everton, mentions ESPN. The...
Kevin Hart wants entrepreneurs to be equipped in artificial intelligence (AI). AI is sweeping across various industries. While some remain skeptical, adopting it will be essential to avoid being left behind in a rapidly changing landscape. “The train is coming and coming fast,” Hart told Fortune. “Either you’re on it, or if not, get out of the way.” As AFROTECH™ previously told you, Hart partnered with the Fifteen Percent Pledge and A16z’s Cultural Leadership Fund for the AI Illumination Grant that will disperse $35,000 in funding to Black founders, with the winner receiving $20,000. Considerations for recipients include: High potential for growth Sustainable competitive advantage Strong management team Strong use case for AI tools Grant dollars to manage growth challenges and expansion Prioritizes inclusivity and centers community impact Coramino Fund Hart is taking further action through his Coramino Fund — the investment arm for his tequila company Gran Coramino that is in its...
Connecticut will not be bowing to Trump’s orders regarding diversity, equity, and inclusion (DEI) in education. As AFROTECH™ previously reported, on Feb. 14, the Trump Administration imposed a strict two-week timeline for schools and universities to comply with his orders around DEI such as no longer allowing “racial preferences” to be considered in admissions, financial aid, or hiring. “Educational institutions may neither separate nor segregate students based on race, nor distribute benefits or burdens based on race,” the memo read. Failure to comply could risk the loss of federal funding, particularly around Title 1 funding, which supports underserved families. Harvard University is currently under a $2.3 billion federal freeze for pushing back. “The university will not surrender its independence or relinquish its constitutional rights. Neither Harvard nor any other private university can allow itself to be taken over by the federal government,” a letter penned from the Ivy...
Remaining a student has led Carmelo Anthony into various industries. The former NBA player, who retired in 2023 and is a first-ballot Basketball Hall of Fame inductee, reflects on his evolution from the 19-year-old drafted in 2003 to a businessman who is now a serial investor and founder in the wine and cannabis sectors. One of Anthony’s biggest takeaways: He is no longer operating in fear. “A top lesson that I’ve learned was ‘stop being afraid,'” he recalled in an interview with AFROTECH™. “ A lot of times when you’re younger and you in these powerful roles and there’s people who are making decisions and there are people writing checks, it’s like ‘You too young to understand it,’ until you grow and until you get older, you go through it and you understand what you truly want to do.” He continued, “At 19, 20, 21, I didn’t have any type of sense of business. I knew street business, I knew street knowledge. I have foundational ethics and morals that could carry over from the streets...
Those seeking funding for their small business have the debt-free option of applying for startup business grants or small business grants. These grants are typically awarded by government entities, private organizations or corporations and, unlike loans , are not expected to be paid back. There are incentives for these companies and organizations to award these grants, as the new businesses could create economic growth or support a certain cause/research topic (like social or environmental) that one of these entities is interested in. These grants are highly competitive and have very specific requirements that must be met before they are awarded. Most likely, applicants will need to prepare by verifying the eligibility criteria, funding amount, application deadlines and any restrictions of a grant that their business aligns with. Also, ensuring the applicant’s business is specific enough to the grant’s requirements is very important . Doing so ensures the applicant has a better...
Black-owned United Kingdom (U.K.) startups are unicorns — in more ways than one. A recent report by CNBC revealed that for the first time in history, Black-owned startups in Britain are achieving the coveted unicorn valuation (that is, a private company with $1 billion or more in valuation). As of September 2021, there are more than 800 unicorn companies located around the world, according to CB Insights. One of the startups that recently achieved that valuation is Marshmallow, a London-based digital insurance startup founded in 2017 by identical twins Oliver and Alexander Kent-Braham. The digital insurance platform is the second of Black-owned U.K. startups to achieve the coveted title. The first company to do so, Zepz, is a money-transfer firm that earned a $5 billion valuation back in August 2021. And, much like in the United States, Black people in the United Kingdom find it difficult to entice investors to their startups (we’re not surprised). “In the U.K., just 1.6% of venture...
Master P is ready to take over the business of cereal! The serial-entrepreneur announced that Uncle P’s Hoody Hoos Cereal will be available in stores this fall and will come in flavors which include Cinnamon Apple, Honey drip, and Tropical Fruit & Marshmallow. “You got milk, we’ve got cereal,” Master P told rolling out . “ We’re changing the game. The more we make, the more we give.” According to a report from reportlinker.com , the breakfast cereal industry is expected to grow by $12.9 billion this year (2020). Not only is Master P using his known entrepreneurial skills to make way for himself in the cereal industry, but the NOLA native will also use some of the profits to give back to the community. “Hoody Hoos Cereal is not only a delicious breakfast or snack but is making a difference,” said Master P. “A percentage of every cereal box sold goes to providing inner-city kids in the community with education, resources, and activities to help build their future.”